Stafford Loans for New Undergraduate Students

Beginning for the 2010–2011 academic year, Federal Stafford Loans are available at Emerson College through the Federal Direct Loan Program (DL). The two types of Direct Stafford Loans are Subsidized Stafford Loans and Unsubsidized Stafford Loans.

• Federal Subsidized Stafford Loan
• Federal Unsubsidized Stafford Loan
• Eligibility
• How to Apply
• Disbursement
• Repayment

Federal Subsidized Stafford Loan

These loans are based on demonstrated need determined by the Office of Student Financial Services. The government pays the interest for this federally subsidized loan during the student's full-time enrollment, six-month grace period post enrollment, and authorized deferment period.

Fees

The Stafford Loan has a federal origination fee of 1.0%.  This fee is deducted from the loan proceeds at disbursement.

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Federal Unsubsidized Stafford Loan

The student is responsible for all the interest that accrues on this loan, including interest that accrues while in school. Interest also accumulates during deferment and the grace period. Once the student enters repayment the interest becomes part of the loan principal in a process called capitalization.

Students without full eligibility for the Federal Subsidized Loan are eligible for this loan program. Limits are adjusted for joint borrowing of these subsidized and unsubsidized loans.

Fees

The Stafford Loan has a federal origination fee of 1.0%.  This fee is deducted from the loan proceeds at disbursement.

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Eligibility

• Students must have a completed financial aid application for the applicable academic year.
• Students must be U.S. citizens or eligible non-citizens. 
• Students must be accepted in a degree-seeking program. 
• Students must be registered at least half-time.
• Students must attend classes and maintain satisfactory academic progress to continue to be eligible for their loans.
• Students must sign their Emerson College Financial Assistance Statement accepting the loan. If you have not received a Financial Assistance Statement listing your eligibility for a Stafford Loan please contact the Student Service Center to check your application status.
• All borrowers are required to participate in Exit Loan Counseling if they stop attending or drop below half-time standing.  Exit Counseling can be completed online via Mapping Your Future.

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How to Apply

All students wishing to borrow a Stafford Loan must sign and accept their Direct Stafford Loan amounts on the Financial Assistance Statement. Emerson College will notify the Direct Lending Service that you are attending Emerson College and certify your eligibility for a Stafford Loan. A fall semester applicant's lender will be notified in late June. A spring semester applicant's lender will be notified starting in December.

If you have not previously borrowed a Direct Stafford Loan at Emerson College:

1. You must complete the Direct Loan Master Promissory Note (MPN). To complete the Direct Loan MPN, go to the Direct Loan Website. You only need to do the MPN once and it is valid for subsequent loans for up to 10 years.
2. You must complete the federally required Entrance Interview. The Interview can be found on the Direct Loan Website. If you have borrowed a Stafford Loan at Emerson College in the past, you do not need to complete another Entrance Interview.

View a chart on the Stafford Loan process from application to disbursement »

Disbursement

Loans are disbursed in two equal installments, one at the start of each semester. 

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Repayment

For Subsidized Stafford Loans, the interest is subsidized while the student is enrolled at least half time. Repayment of principal and interest begins six months after the student drops below half-time status, leaves, or graduates.

For Unsubsidized Stafford Loans, interest accrues each month after the funds are disbursed to the school. Repayment is not expected until six months after the student drops below half-time status, leaves, or graduates; however, interest does accrue each month while the student is in school.

There are several repayment options available. Students will receive Exit Loan Counseling when they leave school. To review your repayment information now, visit the Federal Student Aid website. It also offers helpful interest and repayment calculators to help you better understand your repayment options.

You can also read our Loan Repayment fact sheet for more information about loan repayment assistance.

Emerson College's two year cohort default rate on Stafford Loans is 1.4% which is substantially lower than the national average of 9.1%.

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